Hedge fund managers are usually the clients of banks and so are
more "flexible in their working arrangements, being in a
less pressurised client-driven environment compared to their
sell-side counterparts," according to the study, which
surveyed 1,360 professionals.

Clients are key to both work-life balance and pay. Advisors on
client-intensive mergers and acquisitions have the
worst work-life balance, despite the high pay.

Meanwhile middle and back office staff in banks earn a fraction
of the client-facing employees and still lack a decent work-life
balance.

"They are more often blamed and rarely congratulated by their
front office teams, on top of which they tend to work long hours,
tidying up transactions and troubleshoot long after traders have
gone home," Emolument said.